14 October 2026
The Insurance Authority (IA) welcomed issuance of the first insurance-linked securities (ILS) in the form of a sidecar in Hong Kong amounting to US$12 million (equivalent to about $94 million) by PICC Property & Casualty Company Limited via Great Wall Re Limited1, offering protection to offshore windfarm properties in the Chinese Mainland.
Mr Clement Cheung, Chief Executive Officer of the IA, pointed out that “Riding on policy support from the National Financial Regulatory Administration, this ILS issuance fully demonstrates the commitment and determination with which we pursue the development of Hong Kong into a global risk management centre.”
“The IA will also sustain efforts to facilitate introduction of protected cell company as an ILS structure and review the existing definition of eligible ILS investors for a more vibrant trading market,” he added.
Ends
Note:
1 A special purpose insurer set up in 2022.